Byline Bancorp (NYSE:BY) Shares Gap Down After Insider Selling

Byline Bancorp, Inc. (NYSE:BY - Get Free Report) gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $26.72, but opened at $25.70. Byline Bancorp shares last traded at $25.88, with a volume of 452,827 shares.

Specifically, EVP Megan Biggam sold 8,576 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $26.75, for a total value of $229,408.00. Following the completion of the transaction, the executive vice president now owns 17,630 shares in the company, valued at approximately $471,602.50. This represents a 32.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

Separately, Hovde Group set a $32.00 price objective on Byline Bancorp in a research report on Monday, May 19th.

Byline Bancorp Stock Performance

The company's fifty day moving average is $25.62 and its two-hundred day moving average is $27.62. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of 9.24 and a beta of 0.85.

Byline Bancorp (NYSE:BY - Get Free Report) last issued its earnings results on Thursday, April 24th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.03. The company had revenue of $103.08 million during the quarter, compared to the consensus estimate of $100.82 million. Byline Bancorp had a return on equity of 11.61% and a net margin of 19.33%. As a group, analysts forecast that Byline Bancorp, Inc. will post 2.6 earnings per share for the current fiscal year.

Byline Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 20th. Stockholders of record on Tuesday, May 6th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, May 6th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.57%. Byline Bancorp's dividend payout ratio is currently 14.81%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BY. GAMMA Investing LLC increased its stake in Byline Bancorp by 1,726.4% during the 1st quarter. GAMMA Investing LLC now owns 1,936 shares of the company's stock worth $51,000 after buying an additional 1,830 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Byline Bancorp by 88.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,053 shares of the company's stock worth $60,000 after acquiring an additional 963 shares during the last quarter. Parkside Financial Bank & Trust acquired a new position in shares of Byline Bancorp in the fourth quarter worth about $63,000. KLP Kapitalforvaltning AS acquired a new position in shares of Byline Bancorp in the fourth quarter worth about $148,000. Finally, Harbor Capital Advisors Inc. lifted its stake in shares of Byline Bancorp by 44.7% in the first quarter. Harbor Capital Advisors Inc. now owns 9,304 shares of the company's stock worth $243,000 after acquiring an additional 2,874 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

About Byline Bancorp

Byline Bancorp, Inc operates as the bank holding company for Byline Bank that provides various banking products and services for small and medium sized businesses, commercial real estate and financial sponsors, and consumers in the United States. It offers various retail deposit products, including non-interest-bearing accounts, money market demand accounts, savings accounts, interest-bearing checking accounts, and time deposits; ATM and debit cards; and online, mobile, and text banking services, as well as commercial deposits.